Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?


Patterson UTI (PTEN) Jumps on Impressive Horizontal Rig Count

By  +Follow October 4, 2013 8:22AM
Tickers Mentioned:

Shares for Patterson-UTI Energy Inc. (PTEN) were trading 5 percent higher on Friday, on news that the oil and gas drilling and exploration company had some 190 rigs operating in the US and Canada.

The announcement is significant in that it comes in the wake of oilfield services leader Baker Hughes (BHI) released a report that indicated weaker demand for drilling rigs in the US. More than 100 of Patterson’s rig operate in the US.

The Baker Hughes report also showed that what demand does currently exist is the result of greater need for unconventional, horizontal drilling rigs that have the capability of tapping in to the US’s growing number of shale-based oil and natural gas deposits, and this is the source of Friday’s bullishness on Patterson’s stock.

Indeed, while other drillers, particularly Helmerlich & Payne (HP) currently operates the largest number of AC-powered horizontal drilling rigs in the US, with a total on average of about 270. Nabors Industries Ltd. (NBR) comes in second with 245 such rigs, but Patterson is catching up with a current and growing total of 117.

With a market-cap of $3.3 billion, however, Patterson is less than half the size of Helmerlich (nearly $8 billion), and is also smaller than Nabors (about $5 billion). Patterson has also been having a strong year, with its stock advancing over 20 percent in 2013, and looks to be on course to join the upper tier of mid-cap drillers and explorers.

The company is set to release its quarterly earnings statement on October 24. Shares were crawling steadily towards $24, approaching a 52-week high of $25.30 in Friday trading.



[Image Courtesy of Wikimedia Commons]

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.

Liked What You Read? Join Equities.com and Connect With Your Favorite Financial Experts FOR FREE! Members of Equities.com gain access to our leading financial news and content, active social investment community, proprietary research tools including the 2014 Small-Cap Stars, E.V.A. reports and more.

Results for pten
21 Aug 14 08:13:11
Goldman Sachs Discusses Weakness in NAM Leveraged Service Stocks $HAL $PTEN $BHI $SLB http://t.co/JIpGIEsAot
Media Sentiment
21 Aug 14 05:14:23
$PTEN received a new alert. Find out why at http://t.co/WHJp8eTsSr #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 53
Market Int Center
21 Aug 14 05:12:06
Patterson UTI Energy $PTEN Showing Bearish Technicals With Resistance At $33.48 ( http://t.co/6cBrq4VqNC )
Bulls vs Bears
20 Aug 14 23:41:54
$PTEN: PATTERSON UTI ENERGY INC Financials http://t.co/Y1793wPb1B http://t.co/VAQnAboiNs
Market Headlines
20 Aug 14 21:41:52
$PTEN: Patterson-UTI Energy, Inc. Earnings Call scheduled for 10:00 am ET today http://t.co/Oc35R83NR9 http://t.co/qi6ZtWfLt5
Business News Watch
20 Aug 14 20:41:51
$PTEN: Patterson-UTI Reports Drilling Activity for July 2014 http://t.co/L1bo9GVLv2 http://t.co/eN93bSrAZT
Mike Mustafoglu
20 Aug 14 20:23:16
$PTEN 21-Day / 50-Day Bearish Moving Average Cross
20 Aug 14 00:13:44
Looking at these short ideas... $PTEN $BAS $LNKD $BITA $CXO
G. Thomas Lackey Jr
19 Aug 14 17:43:39
August 19, 2014 RS Movers http://t.co/tp0NzQjMSj $ITB $IYJ $IYZ $JAZZ $NAV $PRGO $AMZN $IACI $ETFC $A $CRUS $DAL $VZ $PTEN $BCR $CSCO
Market Int Center
19 Aug 14 11:03:13
Patterson UTI Energy $PTEN Trading Near $34.10 Resistance Level ( http://t.co/mk8v0p5PGc )
Derald Muniz
18 Aug 14 18:23:06
RT @gtlackey: August 18, 2014 RS Movers http://t.co/F1B7fMFZPj $IAK $ITB $IEZ $JAZZ $NAV $PRU $LNC $ACAT $KBH $ETFC $GRA $CREE $VFC $VZ $PT…
G. Thomas Lackey Jr
18 Aug 14 17:16:24
August 18, 2014 RS Movers http://t.co/F1B7fMFZPj $IAK $ITB $IEZ $JAZZ $NAV $PRU $LNC $ACAT $KBH $ETFC $GRA $CREE $VFC $VZ $PTEN
Biz News Pioneer
17 Aug 14 15:41:50
$PTEN: Jefferies Group Reiterates "Hold" Rating for Patterson-UTI Energy (PTEN) http://t.co/gOB0svigYV http://t.co/EWz64GibPU
Colin Macleod
17 Aug 14 15:25:33
August 15 2014 New CCI Sell Signals http://t.co/hQWgWGMPhA $FEYE $BK $SCHW $BAA $YNDX $SLW $PTEN
Steph Seguin
17 Aug 14 14:57:11
Armand Ruiz
16 Aug 14 19:01:46
RT: @NormanOgle-Here are some Stocks to Watch $PTEN $DHI $NOC $IBM #StockMarket http://t.co/moGyP38fUi
By  +Follow October 4, 2013 8:22AM



blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.